Bank of New York Mellon Corp Has $112.72 Million Stock Holdings in Eastman Chemical Company (NYSE:EMN)

Bank of New York Mellon Corp grew its stake in Eastman Chemical Company (NYSE:EMN - Free Report) by 1.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,279,279 shares of the basic materials company's stock after acquiring an additional 13,886 shares during the period. Bank of New York Mellon Corp owned 1.11% of Eastman Chemical worth $112,717,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of EMN. Wayfinding Financial LLC acquired a new position in Eastman Chemical during the first quarter worth $50,000. Truist Financial Corp grew its position in shares of Eastman Chemical by 9.3% in the 1st quarter. Truist Financial Corp now owns 1,265,857 shares of the basic materials company's stock valued at $111,535,000 after acquiring an additional 107,750 shares during the period. Eukles Asset Management increased its stake in shares of Eastman Chemical by 4.7% during the 1st quarter. Eukles Asset Management now owns 29,922 shares of the basic materials company's stock worth $2,636,000 after purchasing an additional 1,344 shares during the last quarter. Argyle Capital Management LLC increased its stake in shares of Eastman Chemical by 24.8% during the 1st quarter. Argyle Capital Management LLC now owns 3,465 shares of the basic materials company's stock worth $305,000 after purchasing an additional 689 shares during the last quarter. Finally, OneDigital Investment Advisors LLC raised its holdings in shares of Eastman Chemical by 36.9% in the 1st quarter. OneDigital Investment Advisors LLC now owns 3,029 shares of the basic materials company's stock valued at $267,000 after purchasing an additional 816 shares during the period. Institutional investors and hedge funds own 83.65% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Royal Bank Of Canada raised Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 price target on the stock in a research report on Wednesday, April 9th. Wall Street Zen lowered Eastman Chemical from a "buy" rating to a "hold" rating in a report on Monday, April 28th. KeyCorp cut their price target on Eastman Chemical from $120.00 to $106.00 and set an "overweight" rating for the company in a report on Monday, April 28th. Piper Sandler reduced their price objective on shares of Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating for the company in a research report on Monday, April 7th. Finally, Barclays dropped their price objective on shares of Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 29th. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $98.08.

Eastman Chemical Price Performance

Shares of NYSE EMN traded up $1.26 during midday trading on Thursday, reaching $81.54. The company's stock had a trading volume of 1,469,134 shares, compared to its average volume of 1,243,855. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.79 and a current ratio of 1.72. The company has a market cap of $9.41 billion, a P/E ratio of 10.37, a P/E/G ratio of 1.93 and a beta of 1.22. The business's 50 day moving average price is $78.79 and its two-hundred day moving average price is $86.16. Eastman Chemical Company has a fifty-two week low of $70.90 and a fifty-two week high of $114.50.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.91 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.02. The firm had revenue of $2.29 billion during the quarter, compared to analysts' expectations of $2.35 billion. Eastman Chemical had a return on equity of 16.59% and a net margin of 9.85%. The company's quarterly revenue was down .9% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.61 EPS. On average, analysts forecast that Eastman Chemical Company will post 8.55 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 8th. Investors of record on Friday, June 13th were paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 4.07%. The ex-dividend date was Friday, June 13th. Eastman Chemical's dividend payout ratio (DPR) is presently 42.24%.

Eastman Chemical Profile

Eastman Chemical Company operates as a specialty materials company in the United States, China, and internationally. The company's Additives & Functional Products segment offers amine derivative-based building blocks, intermediates for surfactants, metam-based soil fumigants, and organic acid-based solutions; specialty coalescent and solvents, paint additives, and specialty polymers; and heat transfer and aviation fluids.